DoubleDragon profit nearly triples in 2018

MANILA, Philippines — DoubleDragon Properties Corp. posted a net income of P7.42 billion last year, 193 percent higher than the P2.53 billion recorded in 2017.

The company reported strong recurring revenue growth to P3.03 billion or more than double the P1.31 billion it registered a year ago.

DoubleDragon’s rental revenue, which surged 175 percent to P2.5 billion from only P909 million a year ago, boosted growth.

Aside from rental revenue, DoubleDragon also booked a 34 percent growth in hotel revenue to P533.62 million in 2018.

The company’s homegrown brands such as Hotel101 are enjoying high occupancy and room rates.

For this year, DoubleDragon expects to rake in P5.4 billion in annual rental income from portfolio of leasable space.

As of the end of 2018, DoubleDragon had completed a portfolio of 603,000 square meters of leasable space.

The company expects recurring income alone to more than double the cost to service all its interest costs.

Aside from its growing leasable portfolio, DoubleDragon also has P14.53 billion worth of Hotel101 units in pre-selling stage.

It also has P6.9 billion in inventory and turnover balance receivable from its unit owners, due upon turnover that just started last month, which is a direct cash inflow to the company since The SkySuites Tower is already fully constructed. No further capex is required.

DoubleDragon’s total assets rose 28.27 percent year-on-year to P82.51 billion.

Total equity, meanwhile, increased by 47.38 percent to 32.89 billion a year ago.

As a listed property company, DoubleDragon has different pillars of growth. These include its community malls under the brand CityMalls, hotels under its subsidiary Hotel of Asia, industrial leasing space under CentralHub Industrial Centers Inc. and office spaces.

DoubleDragon is chaired by Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. founder Tony Tan Caktiong.